Market Maker Journal
  • Investing
  • Latest News
  • Editor’s Pick
  • Economy
No Result
View All Result
  • Investing
  • Latest News
  • Editor’s Pick
  • Economy
No Result
View All Result
Market Maker Journal
No Result
View All Result

White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

admin by admin
July 11, 2025
in Editor's Pick
0
White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

President Donald Trump’s budget chief on Thursday said that Federal Reserve Chairman Jerome Powell “has grossly mismanaged the Fed” and suggested he had misled Congress about a pricey and “ostentatious” renovation of the central bank’s headquarters.

The broadside by Office of Management and Budget Director Russell Vought opened up a new front in Trump’s war of words against Powell.

Trump has repeatedly called on the Fed chairman to cut interest rates, without success. He reportedly has considered firing Powell and, more recently, publicly naming the chairman’s replacement months earlier than the end of Powell’s term next spring.

Vought’s letter raises the question of whether Trump will seek to remove Powell for cause, at least ostensibly.

But the Supreme Court in a recent decision strongly suggested that Federal Reserve board members have special protection from being fired by a president.

“While continuing to run a deficit since FY23 (the first time in the Fed’s history), the Fed is way over budget on the renovation of its headquarters,” Vought wrote in a post on the social media site X.

“Now up to $2.5 billion, roughly $700 million over its initial cost,” Vought wrote. “The cost per square foot is $1,923–double the cost for renovating an ordinary historic federal building. The Palace of Versailles would have cost $3 billion in today’s dollars!”

Vought’s tweet linked to a letter he sent Powell that referenced the Fed boss’s June 25 testimony before the Senate Banking Committee.

“Your testimony raises serious questions about the project’s compliance with the National Capital Planning Act, which requires that projects like the Fed headquarters renovation be approved by the National Capital Planning Commission,” Vought wrote.

“The plans for this project called for rooftop terrace gardens, VIP private dining rooms and elevators, water features, premium marble, and much more,” he wrote.

But Powell, in his testimony, said, “There’s no VIP dining room. There’s no new marble. There are no special elevators. There are no new water features. There’s no beehives and there’s no roof terrace gardens,” Vought wrote.

“Although minor deviations from approved plans may be inevitable, your testimony appears to reveal that the project is out of compliance with the approved plan with regard to major design elements,” Vought wrote.

This post appeared first on NBC NEWS

Previous Post

Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

Next Post

Sports executive charged with bid-rigging in Texas arena project

Next Post
Sports executive charged with bid-rigging in Texas arena project

Sports executive charged with bid-rigging in Texas arena project

  • Trending
  • Comments
  • Latest
Trump’s Fed Criticism Sparks Investor Concerns

Trump’s Fed Criticism Sparks Investor Concerns

April 23, 2025
Fed’s Stagflation Warning Impacts Crypto Markets

Fed’s Stagflation Warning Impacts Crypto Markets

April 22, 2025
Buy Bitcoin Under $100K Before The Next Bull Run

Buy Bitcoin Under $100K Before The Next Bull Run

April 23, 2025
Bitcoin Nears $85K Amid Market Optimism

Bitcoin Nears $85K Amid Market Optimism

April 22, 2025
OpenAI to release web browser in challenge to Google Chrome

OpenAI to release web browser in challenge to Google Chrome

0
Stock Market News UK Update: FTSE 100 & 250 Rise

Stock Market News UK Update: FTSE 100 & 250 Rise

0
Stock Market News UK Update: FTSE 100 & 250 Rise

Stock Market News UK Update: FTSE 100 & 250 Rise

0
Stock Market News UK Update: FTSE 100 & 250 Rise

Stock Market News UK Update: FTSE 100 & 250 Rise

0
OpenAI to release web browser in challenge to Google Chrome

OpenAI to release web browser in challenge to Google Chrome

July 11, 2025
Sports executive charged with bid-rigging in Texas arena project

Sports executive charged with bid-rigging in Texas arena project

July 11, 2025
White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

July 11, 2025
Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

July 11, 2025

    Fill Out & Get More Relevant News


    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent News

    OpenAI to release web browser in challenge to Google Chrome

    OpenAI to release web browser in challenge to Google Chrome

    July 11, 2025
    Sports executive charged with bid-rigging in Texas arena project

    Sports executive charged with bid-rigging in Texas arena project

    July 11, 2025
    White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

    White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

    July 11, 2025
    Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

    Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

    July 11, 2025

    Top News

    OpenAI to release web browser in challenge to Google Chrome

    OpenAI to release web browser in challenge to Google Chrome

    July 11, 2025
    Sports executive charged with bid-rigging in Texas arena project

    Sports executive charged with bid-rigging in Texas arena project

    July 11, 2025

    Latest News

    • OpenAI to release web browser in challenge to Google Chrome
    • Sports executive charged with bid-rigging in Texas arena project
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

    About Market Maker Journal

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 marketmakerjournal.com | All Rights Reserved

    No Result
    View All Result
    • Investing
    • Latest News
    • Editor’s Pick
    • Economy

    Copyright © 2025 marketmakerjournal.com | All Rights Reserved